Annual rank33
Belgium · Industrials
Cenergy Holdings
Cenergy Holdings' portfolio includes Hellenic Cables, which makes power, telecommunications and submarine cables, and Corinth Pipeworks, which manufactures steel pipes.
FY2022–FY2025
FY2022–FY2025
FY2022–FY2025
current context only
Company profile
Two industrial platforms for cable links and energy pipelines
Cenergy Holdings SA is the listed Belgian parent of two industrial platforms: Hellenic Cables and Corinth Pipeworks. The first combines power- and telecom-cable factories with installation partnerships; the second combines welded-pipe mills, coating and logistics. This profile attributes plants and projects to the operating company, and keeps completed references separate from contract awards, conditional frameworks and capacity still being built.
Parent and operating boundary
The listed issuer owns the platforms; its companies run the plants
Cenergy is the issuer: CENER trades on Euronext Brussels, with a secondary Euronext Athens listing. Its 2025 report assigns Hellenic Cables S.A. and its direct and indirect subsidiaries to cables, and Corinth Pipeworks S.A. plus its subsidiaries to steel pipes. The subsidiary accounts make ownership explicit: Cenergy owns 100% of Hellenic Cables and wholly owns Corinth Pipeworks. Hellenic consolidates Fulgor and Lesco plus project joint operations. Corinth's 2025 accounts provide a dated map: CPW Solar entered dissolution and liquidation on 14 October 2025, and CPW Wind did so on 13 January 2026. They also record CPW America, Warsaw Tubular Trading and wholly owned Corinth Pipeworks UK Limited, established in Q1 2026 for the Hartlepool transaction. Viohalco remains Cenergy's parent.
- Check the listed share CENER on Euronext Brussels and its secondary Euronext Athens listing
- Open the consolidated group map Direct and indirect companies inside the cables and steel-pipes segments
- Verify Hellenic Cables ownership The 100% parent interest, Fulgor, Lesco and project joint operations
- Verify Corinth Pipeworks ownership Wholly owned status and the steel-pipe segment subsidiaries
Hellenic Cables
Corinth makes the subsea lengths; Thiva closes the land route
Hellenic's range runs from array cables to 72.5 kV through HVAC export systems to 400 kV and HVDC export systems to 525 kV. Fulgor's Soussaki, Corinth plant makes submarine, fibre-optic, composite and special-purpose cables beside a cable-loading port; Thiva makes land power and telecom cables. Delivery runs from route survey and design through transport, laying, burial, protection, jointing and final tests. Rio-Antirrion is completed proof: 18 km of 400 kV submarine cable from Corinth and 42 km of land cable from Thiva, completed in 2020.
- Tour the production footprint Fulgor's Corinth subsea plant and port, Thiva and the Romanian cable plant
- Compare offshore cable systems Array, dynamic, HVAC export and HVDC export cable ranges
- Follow turnkey execution Survey, design, manufacture, laying, burial, jointing and final tests
- Inspect a completed 400 kV link Rio-Antirrion's Corinth submarine and Thiva land-cable scopes
- ▶ VideoWatch manufacture become installation Official English-narrated Hollandse Kust Zuid project film
Corinth Pipeworks
Four pipe mills feed coating, testing and project logistics
At Thisvi, four welded-pipe mills - 7-inch and 26-inch HFI, 100-inch SAWH and 56-inch LSAW - sit with external and internal coating lines. Output covers onshore and offshore line pipe plus hollow structural sections; up-to-24.4-m HFI lengths are designed to reduce onsite welding and field-joint coating. The concrete-weight-coating line was commissioned and operating in 2025, adding 12-40-inch offshore-pipe coating. CPW completed its TAP pipe-production scope: 28,600 pipes covering 495 km were manufactured and coated at Thisvi on schedule. The English corporate film shows testing, coating, storage, port handling and project logistics.
- Map pipes to applications Onshore, offshore and structural requirements
- Enter the four-mill campus HFI, SAWH and LSAW lines plus coating capacity at Thisvi
- See the operating CWC line Commissioned 12-40-inch concrete weight coating at Thisvi
- Review CPW's completed TAP production 28,600 manufactured and coated pipes across 495 km
- ▶ VideoWatch the pipe-delivery system Official English-narrated film of mills, controls, coating and logistics
Strategy, geography and status
Global expansion is visible, but awards are not deliveries
The declared growth lanes are electricity networks and offshore wind for cables, and gas-transition, hydrogen and CCS pipelines for steel pipes. At 31 December 2025, awards across both segments supported a EUR 3.38 billion backlog; that is contracted, awarded or preferred-bidder work, not delivery. By Q1 2026, expanded Corinth subsea capacity was fully available, Baltimore's land-cable Phase 1 was under construction, and the Hartlepool LSAW acquisition had completed. The June 2026 IPTO Lot A framework remains conditional on approvals and a notice to proceed, with production expected from 2027. The group reports large projects in more than 70 countries.
- Read the five strategic lanes Electricity, offshore wind, gas fuel, hydrogen and CCS across more than 70 countries
- Separate 2025 awards from delivery Backlog, awards, project execution and newly commissioned assets
- Check the Q1 2026 build state Full subsea capacity, Baltimore Phase 1 and the completed Hartlepool acquisition
- Read the conditional IPTO award Four island links, expected 2027 production and the notice-to-proceed condition
Official profile sources: Cenergy Holdings Trading Update Q1 2026 · Cenergy Holdings Annual Report 2024
Current 2026 update
What has changed in 2026?
IPTO framework award · 25 June 2026
IPTO framework awardlatest official update
4company-specific highlights
+39%2026 stock return · context only
Revenue
Q1 revenue rose to EUR 510.7m from EUR 487.9m.
Adjusted EBITDA
Q1 adjusted EBITDA rose to EUR 100.4m from EUR 75.7m.
Profit
Q1 profit after tax rose to EUR 74.1m from EUR 41.0m.
IPTO framework award
Hellenic Cables was awarded Lot A of an IPTO framework agreement worth about EUR 1.15bn; signing and execution remain subject to approvals and a notice to proceed.
Official 2026 sources: Cenergy Holdings Trading Update Q1 2026 · 27 May 2026 · Hellenic Cables awarded Lot A of IPTO framework agreement for Greek island interconnections · 25 June 2026
Annual record
Ranking history
Future editions add rows; they do not rewrite the 2026 record.
| Edition | Measurement period | Rank | Revenue growth | Net-income growth | Stock return |
|---|---|---|---|---|---|
| 2026 | FY2022–FY2025 | 33 | +45% | +220% | +420% |